A great day for our Barrier Reef
Something incredible is happening, NEVILLE.
The world’s biggest investment banks are abandoning Abbot Point — the coal terminal that threatens our Reef.
Early this morning, the Wall Street Journal broke the news. It reported Citibank “does not plan to be involved in any financing for the Abbot Point expansion”.1 What’s more, it reported other major US banks are distancing themselves from the project too.
This is big. Wall Street sets the agenda for the entire investment community. Their position will send a clear message to other banks — Abbot Point is a bad investment, stay away. But Indian energy giant Adani still has a strong chance to borrow the $10 billion it needs to finance Abbot Point and its Carmichael megamine, and the threat to our Great Barrier Reef remains imminent.
Commonwealth Bank, Westpac, ANZ and NAB are the banks most crucial to funding Abbot Point.
A new report says Abbot Point and other Galilee Basin coal projects are “highly unlikely to proceed without the support of the four Australian bank majors,” and that“each of these four will be critically important” if it is to continue.2
In short, if our banks refuse to fund Abbot Point and Adani’s mines, the coal port on the Reef coastline we’ve fought against for so long will almost certainly never happen.
The fossil fuel lobby won’t like today’s news. In fact, it will terrify them. We know they’ll feel threatened and lash out fiercely — doing everything they can to try and stop the Big 4 following the lead of Citibank.
It’s now up to us to counter the fossil fuel lobby and their bullying tactics. They might have the money and the friends in high places, but we’ve got the numbers. We need to show Westpac, ANZ, Commonwealth Bank and NAB there will always be more support for protecting our Reef than destroying it.
If enough of us chip in now, we can run this full page ad and show the banks how much support they have to protect our Reef.
We’re close, but we’re not done yet. Thank you for everything.
Sam R and Paul, for the GetUp team
 Morgan Stanley Balks at Financing Australia Coal Port. Wall Street Journal. October 27, 2014.
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